Need help with Refi in Asheville, NC...

[Neal Berger]

Hi All,

I would like to refi my 7 unit building in Asheville, NC. $611k left mortgage granted by original seller at 5%. Gross Revenues are $70k and NOI is $40k. Out of town landlord with strong property management locally. Spoke to one bank who is around 3%, but, they turned it down because they said that the NOI wasn't sufficient for them to lend $611k. I'm willing to guarantee the loan personally if necessary. Any suggestions on banks to approach? Much appreciated!

[Neal Berger]

TruPoint quoted 3.5% before the Fed 100 bps rate cut. After the rate cut, they claimed that they thought could do around 3%. It didn't matter as their lending criteria for me was really absurd. Apparently, they lend off the short-end rates. I'll look into the person you suggested and I greatly appreciate it. I might give him a few weeks or so :). Thanks again and still looking for more referrals if possible. Thanks!